The year 2020 was characterised by the COVID-19 pandemic. The pandemic significantly increased the demand for MuniFin Group’s customer financing, especially the growth of municipal sector’s financing. Otherwise, the pandemic only had a minor effect on the Group’s operating profit and financial standing.
The Group’s net operating profit excluding unrealised fair value changes was EUR 197 million (EUR 186 million) and it increased by 6.2% (-2.1%). The net interest income totalled EUR 254 million (EUR 240 million) and it grew by 5.8% (1.7%). The costs in the financial year amounted to EUR 58 million (EUR 60 million), making it 3.0% (+22.8%) smaller than in the previous year.
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The COVID-19 pandemic increased the demand for financing in municipalities. The Group’s long-term customer financing grew by 7.8% in the reporting period. The long-term customer financing portfolio stood at EUR 26.7 billion at the end of the reporting period.
The total of new lending in January–June amounted to EUR 2.5 billion. The growth was spurred by the increase in the demand of loans and a drop in the availability of financing from other credit institutions, both due to the COVID-19 pandemic.
In 2019, the Finnish economy continued surprisingly strong despite the slump in global trade. Demand for financing exceeded expectations. MuniFin once again succeeded very well in its funding. We continued to make investments in digitalisation.
The Municipality Finance Group’s net operating profit excluding unrealised fair value changes amounted to EUR 186 million in 2019 (EUR 190 million), down 2.1% on the previous year. The Group’s net interest income improved slightly to EUR 240 million (EUR 236 million). Expenses grew as expected and amounted to EUR 60 million (EUR 49 million, +22.8%).
Unrealised fair value changes weakened the net operating profit for the financial year by EUR 54 million, whereas they had no impact on the result in the previous year (EUR 0 million). Taking into account these valuations, Group’s net operating profit amounted to EUR 131 million (EUR 190 million).
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Business operations remained strong in the first half of 2019. Long-term customer financing grew by 3.3% and the portfolio amounted to EUR 23.7 Bmillion at the end of the review period. This figure includes long-term loans and leasing.
The total of new loans withdrawn in January–June amounted to EUR 1.4 billion. In the entire customer finance portfolio, the amount of green financing aimed at environmentally friendly investments totalled EUR 1.2 billion.
The Group’s net operating profit without unrealised fair value changes grew by 1.2% in 2018 and amounted to EUR 189.6 million at the end of the financial year (2017: EUR 187.4 million). Taking fair value changes into account, net operating profit was EUR 190.0 million (2017: EUR 198.4 million).
The Group’s net interest income grew by 3.4% from the previous year and amounted to EUR 236.3 million (2017: EUR 228.5 million).
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Steady results progress continued in the first half of 2018. The total of new loans withdrawn in January-June amounted to EUR 1.2 billion and the lending portfolio stood at EUR 21.5 billion.
In many respects, 2017 was a good year for MuniFin and its customers. The Finnish economy was on a steep growth path: municipalities received more tax income than expected, which made their cas position stronger than anticipated.
